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Xcel Energy (XEL) FY2025 results: revenue $14.7 billion, up 9.1% on the year

Xcel Energy Inc. (XEL) reported revenue of $14.7 billion for fiscal 2025, the year ended 31 December 2025, up 9.1% on the year before. Net income was $2.0 billion, up 4.2%, and diluted earnings per share $3.42. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$14.7 billion
+9.1% on the year
FY2018FY2025
Operating margin
17.6%
17.8% a year earlier
FY2018FY2025
Net income
$2.0 billion
+4.2% on the year
FY2018FY2025
Diluted EPS
$3.42
-0.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 kept.

  • Full-year ongoing EPS rose to $3.80: Ongoing diluted EPS was $3.80 for 2025, against $3.50 in 2024. GAAP diluted EPS was $3.42, against $3.44. Management attributed the ongoing increase to infrastructure recovery and electric sales growth.
  • Fourth quarter ongoing EPS was $0.96: Fourth quarter ongoing diluted EPS was $0.96, against $0.81 a year earlier. Fourth quarter GAAP diluted EPS was $0.95, against $0.81. The gap reflects a $0.01 Marshall Wildfire settlement adjustment.
  • New large data center customer announced: Management said the company recently announced another large data center customer. The release does not name the customer or give the load it will add.
  • Two alliances for system investment: Two alliances with development and supply chain partners were announced. Management said the aim is to deliver system investments affordably, speed data center development and drive innovation.
  • Colorado electric case seeks $356 million: PSCo’s electric rate case requests $356 million (9.9%), or $526 million including rider roll-ins, on a 9.8% ROE and a 2025 test year. A CPUC decision is expected in the third quarter of 2026.
Read the Q4 FY2025 earnings call summary

From this 10-K

Xcel Energy is a holding company operating through four utility subsidiaries that generate, purchase, transmit, distribute and sell electricity, three of which also buy, transport, distribute and sell natural gas and transport gas owned by customers. Electric sales volume was 109,401 million kWh in 2025 across 3.9 million electric customers, and natural gas deliveries were 400,982 thousand MMBtu across 2.2 million gas customers.

Xcel Energy Inc., the 10-K for 2025

Xcel Energy is a holding company operating through four utility subsidiaries that generate, purchase, transmit, distribute and sell electricity, three of which also buy, transport, distribute and sell natural gas and transport gas owned by customers. Electric sales volume was 109,401 million kWh in 2025 across 3.9 million electric customers, and natural gas deliveries were 400,982 thousand MMBtu across 2.2 million gas customers.

Residential customers are 86 percent of the electric customer count but take 24 percent of the volume, while commercial and industrial customers are 12 percent of the count and take 61 percent of the volume. Sales per retail customer were 24,177 kWh in 2025.

The four utilities

NSP-Minnesota operates in Minnesota, North Dakota and South Dakota, serving 1.6 million electric and 0.6 million gas customers, with 8,700 MW of owned electric generating capacity, 16.9 Bcf of gas storage, 34,000 conductor miles of electric transmission lines, 87,000 conductor miles of electric distribution lines and 11,000 miles of gas distribution lines.

NSP-Wisconsin operates in Wisconsin and Michigan, serving 0.3 million electric and 0.1 million gas customers, with 500 MW of owned generating capacity, 4.3 Bcf of gas storage, 12,000 conductor miles of transmission and 29,000 of distribution. The electric operations of the two NSP companies are managed together as one integrated system.

PSCo operates in Colorado, serving 1.6 million electric and 1.5 million gas customers, with 6,500 MW of owned generating capacity, 32.1 Bcf of gas storage, 27,000 conductor miles of transmission, 84,000 of distribution, and 2,000 miles of gas transmission and 24,000 miles of gas distribution lines.

SPS operates in Texas and New Mexico, is electric only, and serves 0.4 million customers with 5,100 MW of owned generating capacity, 41,000 conductor miles of transmission and 25,000 of distribution.

The generation plan

The filing says the operating footprint includes some of the best wind and solar resources in the country, giving higher capacity factors and lower electricity costs. Wind capacity is now approximately 11,000 MW, including nearly 4,500 MW of owned wind. The carbon-free portfolio also covers nuclear, hydroelectric, biomass and solar, from both owned facilities and purchase agreements, and the filing notes that carbon-free percentages vary year to year with system additions, commodity costs, weather, demand and transmission constraints.

The second phase of the Sherco Solar project in Minnesota was completed in 2025 with a third phase coming online in 2026, and the company is proposing a fourth phase that it says would take the facility to 910 MW of generating capacity by 2029. Its base capital investment plan for 2026 to 2030 includes approximately 9,500 MW of new and repowered wind, solar and battery storage resources, plus approximately 3,000 MW of new natural gas generation for reliability.

Through 2025 the company reduced carbon emissions from generation serving customers by an estimated 58 percent from 2005 levels, and the filing says it remains on track to fully exit coal by the end of 2030 and holds a goal of zero-carbon electricity by 2050. On the gas side it states a 2050 goal of net-zero natural gas service, with priorities of operating a gas system with net-zero methane service by 2030, voluntary electrification-first approaches for new growth, and offering customers a portfolio of energy solutions. On transport, it says it aims to enable charging infrastructure for 1.5 million electric vehicles across its service areas by 2035, with approved clean transportation programmes in Colorado, New Mexico, Minnesota and Wisconsin.

Wildfire

The filing says protecting customers and the system from extreme weather is a top priority. In 2025 the company received approvals from both the Colorado and Texas commissions for its wildfire mitigation and system resiliency plans, and it has public-facing wildfire mitigation plans in each of its states. The work includes advanced camera and weather station technologies, enhanced powerline safety setting installations, pole inspections and replacements, and operational measures such as wildfire safety operations and public safety power shutoffs. Utility wildfire legislation also passed in Texas and North Dakota in 2025, and the filing says the company continues to explore similar structures in its other states.

From Xcel Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue14,66913,44114,206+9.1%
Operating income2,5832,3862,481+8.3%
Operating margin17.6%17.8%17.5%
Interest expense1,4681,2551,055+17.0%
Pre-tax income1,7731,5341,625+15.6%
Income tax-245-402-146
Effective tax rate-13.8%-26.2%-9.0%
Net income2,0181,9361,771+4.2%
Net margin13.8%14.4%12.5%
Diluted EPS$3.42$3.44$3.21-0.6%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,0834,6415,327-12.0%
Capital expenditure10,9087,3645,854+48.1%
Free cash flow-6,825-2,723-527
Free cash flow margin-46.5%-20.3%-3.7%
Cash from investing-10,969-7,428-5,926
Cash from financing6,9812,837617+146.1%
Depreciation and amortisation2,9682,7692,471+7.2%
Share-based compensation46.033.025.0+39.4%
Dividends paid1,2821,1751,092+9.1%
Dividend per share$2.28$2.19$2.08+4.1%
Diluted shares, weighted589m563m552m+4.6%
Shares outstanding at period end624m574m555m+8.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity23,60919,52217,616+20.9%
Debt33,88329,11426,250+16.4%
Operating lease liabilities7888671,038-9.1%
Finance lease liabilities1,26260.062.0+2,003.3%
Other liabilities21,82920,47219,113+6.6%
Total liabilities and equity81,37170,03564,079+16.2%
Fixed assets65,63957,19851,642+14.8%
Cash and equivalents274179129+53.1%
Receivables1,3301,2491,315+6.5%
Inventory761666711+14.3%
Other assets13,36710,74310,282+24.4%
Total assets81,37170,03564,079+16.2%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.